SPXL vs. TQQQ

Last updated Jun 20, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds - SPXL tracks the S&P 500 while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, SPXL returned 30.05%/yr vs 45.79%/yr for TQQQ. Their correlation of 0.90 suggests significant overlap in exposure. SPXL charges 0.84%/yr vs 0.95%/yr for TQQQ.

Performance

SPXL vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 23.87% return, which is significantly lower than TQQQ's 57.45% return. Over the past 10 years, SPXL has underperformed TQQQ with an annualized return of 30.05%, while TQQQ has yielded a comparatively higher 45.79% annualized return.

SPXL

• 1D: 2.89%
• 1M: 0.88%
• YTD: 23.87%
• 6M: 24.20%
• 1Y: 77.22%
• 3Y*: 46.89%
• 5Y*: 23.80%
• 10Y*: 30.05%

TQQQ

• 1D: 6.87%
• 1M: 7.69%
• YTD: 57.45%
• 6M: 55.34%
• 1Y: 130.36%
• 3Y*: 61.43%
• 5Y*: 25.74%
• 10Y*: 45.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXL vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	23.87%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%
TQQQ ProShares UltraPro QQQ	57.45%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between SPXL and TQQQ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.90

The correlation between SPXL and TQQQ has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

SPXL vs. TQQQ - Sectors Allocation Comparison

Sectors	SPXL	TQQQ
Technology	39.0%	53.8%
Financial Services	11.1%	0.2%
Communication Services	10.6%	15.8%
Consumer Cyclical	9.9%	12.3%
Healthcare	8.3%	4.2%
Industrials	7.8%	2.8%
Consumer Defensive	4.5%	7.7%
Energy	3.1%	0.6%
Utilities	2.1%	1.4%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.1%

Return for Risk

SPXL vs. TQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXL

SPXL Risk / Return Rank: 60
SPXL Sharpe Ratio Rank: 65
SPXL Sortino Ratio Rank: 54
SPXL Omega Ratio Rank: 56
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 66

TQQQ

TQQQ Risk / Return Rank: 68
TQQQ Sharpe Ratio Rank: 81
TQQQ Sortino Ratio Rank: 60
TQQQ Omega Ratio Rank: 62
TQQQ Calmar Ratio Rank: 72
TQQQ Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPXL vs. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) and ProShares UltraPro QQQ (TQQQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPXL	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.44	-0.40
Sortino ratio: Return per unit of downside risk	2.49	2.69	-0.21
Omega ratio: Gain probability vs. loss probability	1.33	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.83	3.46	-0.63
Martin ratio: Return relative to average drawdown	11.63	11.05	+0.57

SPXL vs. TQQQ - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.04, which is comparable to the TQQQ Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of SPXL and TQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXL vs. TQQQ - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for SPXL and TQQQ.

Drawdown Indicators

	SPXL	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-81.66%	+4.80%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-36.97%	+10.20%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-58.04%	+9.09%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-81.66%	+17.86%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-81.66%	+4.80%
Current Drawdown Current decline from peak	-5.35%	-4.99%	-0.36%
Average Drawdown Average peak-to-trough decline	-16.10%	-18.50%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.51%	11.55%	-5.04%

Volatility

SPXL vs. TQQQ - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 14.25%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 25.44%. This indicates that SPXL experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.25%	25.44%	-11.19%
Volatility (6M) Calculated over the trailing 6-month period	29.44%	42.61%	-13.17%
Volatility (1Y) Calculated over the trailing 1-year period	37.13%	52.43%	-15.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.52%	67.25%	-16.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.55%	66.33%	-12.78%

SPXL vs. TQQQ - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than TQQQ's 0.95% expense ratio.

Dividends

SPXL vs. TQQQ - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.54%, more than TQQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.54%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.38%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both SPXL and TQQQ in my portfolio?

With a correlation of 0.94, SPXL and TQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPXL or TQQQ?

TQQQ has higher volatility (25.44%) compared to SPXL (14.25%). In terms of maximum drawdown, SPXL dropped -76.86% vs TQQQ's -81.66%.

Which ETF is better, SPXL or TQQQ?

On 10-year performance, TQQQ leads with 45.79% vs 30.05% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 14.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or TQQQ?

Over the 10-year period, TQQQ has performed better with a 45.79% return vs 30.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or TQQQ?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.95% for TQQQ.

Which ETF pays a higher dividend yield, SPXL or TQQQ?

SPXL has the higher dividend yield at 0.54%, compared with 0.38% for TQQQ.

What is the main difference between SPXL and TQQQ?

SPXL tracks S&P 500, while TQQQ tracks NASDAQ-100 Index (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.84% for SPXL and 0.95% for TQQQ.

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.44 vs 2.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.